Did you know a couple wanting a comfortable retirement will need approximately $58,444 a year?1 This means that even with income from super and the age pension they'd need to accumulate a lump sum balance at age 65 of around $510,0002
The majority of us are likely to not have enough super which is why it's so important to not just rely on your employer's contributions. Putting a little extra in yourself can make a big difference.
Making it happen is easy find out how.
Budgets for various households & living standards
- Have more money in retirement
- Save tax each year
- Free top-ups from the government
Am I eligible?
Take home pay: $52,993
After contributions of $10/week:
Take home pay: $52,652
Tax savings: Over $100/year
Extra super at age 65: $18,0003
Take home pay: $57,578
After contributions of $20/week:
Take home pay: $56,897
Tax savings: Over $350/year
Extra super at age 65: $25,0004
Take home pay: $73,053
After contributions of $100/week:
Take home pay: $69,881
Tax savings: Over $600/year
Extra super at age 65: $52,0005
There's a number of ways you can add a little extra money to your super, first you have to decide whether contributing before or after tax is more suitable to your circumstances.
Salary sacrificing is where you make a super contribution before you pay tax on your salary. Your employer pays extra super for you, taking the money from your pre-tax pay.
Please contact your employer and discuss salary sacrifice options with them. Most employers will allow you to make pre-tax contributions to your superannuation quickly and easily.
Or simply fill out one of our online forms and email them straight to your employer. We recommend printing or saving a copy of the form for your own financial records.
Who is salary sacrifice NOT suitable for?
Those earning under $51,813. An after tax contribution may be more effective as you may be eligible to receive a government co-contribution.
Adding to your super from your take-home pay is known as making an after-tax contribution or 'personal contribution'. These can be made on a regular or one-off basis.
Contribute from your bank account over the phone or internet. You will need a biller code and reference number which is your online account no and also appears in your welcome pack.
Personal biller code: 787275
Spouse biller code: 787283 Find out about spouse super
Salary sacrifice biller code: 787317
Contribute from your bank account over the phone or internet. You will need a biller code and reference number which you will find in your online account and also appears in your welcome email.
Personal biller code: 256602
Spouse biller code: 256628 Find out about spouse super
Salary sacrifice biller code: 25659
Pop into any Suncorp branch to make a contribution by cheque, cash deposit or transfer from another Suncorp account.
Suncorp Bank App
Making personal super contributions, from a Suncorp personal Transaction or Savings account into your Suncorp Everyday Super account is now even easier with the Suncorp Bank Mobile App.
There's a limit to the amount you can contribute to your super each year, before and after tax, depending on your age without incurring additional tax. Before-tax contributions include salary sacrifice, Superannuation Guarantee and other employer contributions. If you exceed your contributions limit tax penalties may apply.
Pre tax: From 1 July 2017, the general concessional contributions cap is $25,000 for all individuals regardless of age.
After tax: From 1 July 2017, the non-concessional contributions cap is reduced to $100,000 for members 65 or over but under 75. Members under 65 years of age will have the option of contributing up to $300,000 over a three-year period depending on their total superannuation balance.
You can contribute to a Suncorp super account for your spouse (married, de facto or same sex). Doing this might make sense if your spouse has a low income or does not work at all. Plus, by simply making a spouse contribution, you may be able to receive a tax offset of up to $540 each contribution year if your spouse earns less than $37,000.
For more information on the eligibility requirements, please see the ATO's website.